Auction houses remain optimistic about upcoming sales in Hong Kong
No shortage of lots for sale in the second wave of Hong Kong’s annual autumn auctions but valuations are conservative given market uncertainties
Art investors are watching nervously as auction houses prepare to sell billions of dollars worth of art and collectables in Hong Kong this week amid challenging market conditions.
But there has not been a significant drop in the volume of art and collectables presented for sale this week in the second wave of the annual autumn auctions in Hong Kong.
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Lots worth an estimated HK$3.1 billion will be offered for sale at Christie’s upcoming auctions from November 26 to December 2, about the same amount as it sold a year ago if buyers’ premiums are included.
Eric Chang, international director of Christie’s Asian 20th Century and Contemporary Art Department, said market conditions required a conservative approach to valuations.
Christie’s said that the downturn was still drawing out quality pieces, such as Bada Shanren’s Egret on Rock, estimated at HK$18 million to HK$28 million. The painting has been in the hands of a private collection in Japan and is believed to have been executed after 1700 and is hence a late work by the Ming-dynasty Chinese master.
Following this month’s US$48 million sale of a blue diamond at a Christie’s auction in Geneva to Hong Kong billionaire Joseph Lau Luen-hung, the auction house is pushing to connoisseurs “The Crimson Flame”, a 15-carat Burmese pigeon’s blood ruby. Christie’s says it is by far the most important pigeon’s blood ruby to be offered at auction in Asia; it is valued at HK$78 million to HK$120 million.
The coming week will also see Phillips’ first Hong Kong auction. The New York-based seller is testing the waters with a watch sale on December 1.
Bonhams will hold sales of Chinese paintings, Chinese ceramics and works of art, watches and jewellery from November 28 to December 3 at its Hong Kong gallery in Pacific Place.
Tokyo Chuo Auction is offering Chinese paintings, imperial ceramics and Japanese tea wares and scholars’ objects in its annual Hong Kong sales, while Taiwan’s Ravenel will hold a modern and contemporary art sale.